What Mike P said.
I also go a step further with my 650's and 704's - I take some Formula 2001 (or 2008 or whatever the hell year this is) and polish the metal washers before putting them back in. The urethane in the wax seems to help corrosion and deposits from building up on them.
I also use Flitz on the brass on the backside of the drag knobs, then the Formula 2001. Do the same to the shaft, too -
And no lube on the HT-100 fiber washers, as mentioned.
Just be careful with the little wire retaining clip - it will fly off and land in the worst spot to find it, which I think falls under Newton's Third Law of Buttered Toast
Threaded Mode